Australian Market Slightly Higher

(RTTNews) - Adding to the gains in the previous session, the Australian stock market is trading slightly higher on Tuesday after opening in the red, despite the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is staying above the 8,200 level, with gains in mining and energy stocks partially offset by weakness in technology and financial stocks. The benchmark S&P/ASX 200 Index is gaining 10.20 points or 0.12 percent to 8,215.60, after hitting a low of 8,189.20 and a high of 8,223.50 earlier. The broader All Ordinaries Index is up 7.40 points or 0.09 percent to 8,486.40. Australian stocks closed notably higher on Monday.

Among the major miners, BHP Group and Mineral Resources are gaining more than 1 percent each, while Rio Tinto is adding more than 2 percent and Fortescue Metals is edging up 0.4 percent.

Oil stocks are mostly higher. Origin Energy and Beach energy are gaining almost 1 percent each, while Woodside Energy and Santos are is adding more than 1 percent each.

Among tech stocks, Zip and WiseTech Global are edging down 0.2 to 0.4 percent each, while Afterpay owner Block and Xero are declining almost 2 percent each. Appen is losing 1.5 percent.

Gold miners are mostly higher. Gold Road Resources and Northern Star resources are gaining almost 2 percent each, while Evolution Mining is up more than 1 percent, Newmont is edging up 0.2 percent and Resolute Mining is advancing almost 4 percent.

Among the big four banks, Commonwealth Bank, Westpac and National Australia Bank are edging down 0.2 to 0.4 percent each, while ANZ Banking is edging up 0.1 percent.

In other news, shares in West African Resources are rallying almost 10 precent, recouping some of yesterday's 20 per cent slump amid concern about the future of its mining permits in Bukina Faso.

In the currency market, the Aussie dollar is trading at $0.677 on Tuesday.

On Wall Street, stocks fell on Monday amid easing prospects of aggressive rate cuts by the Federal Reserve following a much higher than expected addition in U.S. non-payroll employment in the month of September.

The major averages all closed notably lower. The Dow tumbled 398.51 points or 0.94 percent to 41,954.24, the S&P 500 closed down 55.13 points or 0.96 percent at 5,695.94, while the Nasdaq recorded a more pronounced drop, falling by 213.95 points or 1.18 percent to settle at 17,923.90.

Meanwhile, the major European markets were mixed on the day. The U.K.'s FTSE 100 gained 0.28 percent and France's CAC 40 closed up 0.46 percent, while the German DAX Index slid by 0.9 percent.

Crude oil prices rose sharply on Monday amid the rising possibility of disruptions in supply in the Persian Gulf due to escalating tensions in the Middle East. West Texas Intermediate Crude oil futures for November jumped $2.76 or 3.71 percent at $77.14 a barrel, the highest close in nearly eight weeks.